Industrial Workboats Market

Industrial Workboats Market Outlook (2022-2032)

The global industrial workboats market size has reached US$ 2.5 billion in 2022 and is forecast to surpass US$ 4.6 billion by the end of 2032, expanding rapidly at a CAGR of 6.2% from 2022 to 2032.

The market is likely to grow at a fast pace mainly due to significant demand for cargo boats and ferries for use in offshore and port operations.

Report Attributes	Details
Industrial Workboats Market Size (2021A)	US$ 2.4 Billion
Estimated Market Value (2022E)	US$ 2.5 Billion
Forecasted Market Value (2032F)	US$ 4.6 Billion
Global Market Growth Rate (2022-2032)	6.2% CAGR
North America Market Share (2021)	~23.9%
North America Market Growth Rate (2022-2032)	~7.3% CAGR
United States Market Growth Rate (2022-2032)	~7.2% CAGR
Key Companies Profiled	Daewoo Shipbuilding & Marine Engineering Co Ltd Damen Shipyards Group Elastec, Inc Korea Shipbuilding & Offshore Engineering Co Ltd Samsung Heavy Industries Co, Ltd Workskiff Inc

Global Industrial Work Boat Sales Analysis (2017-2021) in Comparison to Market Forecasts (2022-2032)

According to market research and competitive intelligence provider Fact.MR, the global industrials workboat market is set to create US$ 2.1 billion absolute dollar opportunity between 2022 and 2032. Workboats using diesel as a power source and for port operators are majorly driving market growth.

The industrial workboats market has been broadly categorized based on application type. The offshore energy segment is poised to experience the highest growth rate over the coming years due to endless opportunities for generating more energy.

With the maritime, oil & gas, offshore wind, and maritime energy industries contributing to energy evolution and investments in sustainable solutions, demand for industrial workboats is only expected to rise across the world.

• Short Term (2022 Q2 to 2025): Environmental concerns related to shipping emissions in many countries will lead to increased demand for industrial workboats in the short term.
• Medium Term (2025-2028): In the medium term, demand is expected to increase with power source technological advancements in industrial workboats.
• Long Term (2028-2032): Market is expected to grow immensely over the long term as the offshore and maritime industry progresses.

According to Fact.MR, the global market for industrial workboats is predicted to expand at a high CAGR of 6.2% between 2022 and 2032 as compared to the CAGR of 1.2% that was recorded between 2017 and 2021.

Which Factors are Driving Global Industrial Work Boats Market Growth

“Developments in Hybrid/Plug-In Hybrid Technology to Fuel Demand for Workboats”

The push to minimize the carbon footprint of global shipping fleets is constant, and it will only get significant in the future. The industry is undergoing fast development, and the hybrid marine market offers commercial potential.

Lower-carbon fuel, more streamlined hulls, efficient propeller design, improved cruise planning for fuel economy, better hull coating, and even air cushions to minimize friction are all being investigated for the development of robust boats.

Depending on the size and operational profile, a hybrid workboat can save 40-60% in fuel and emissions. Smaller in-harbor workboats can be powered entirely by electricity, saving 100% on fuel and emitting zero emissions.

“Workboats for Offshore Oil & Gas Exploration Leading from Front”

Floating offshore wind energy is gaining more and more attention. The growing need to curb emissions has forced countries to embrace renewable energy sources. It has also led to the introduction of renewable solar and wind energy.

Offshore wind energy adoption is expected to increase due to its operational advantages over fixed-structure wind power plants. Floating offshore wind projects require less foundation and deliver higher-energy yields.

Workboats are commonly used for marine construction to provide support for offshore oil & gas platforms, ferries for the transportation of crew members, supplies of equipment, etc. This is one of the major drivers for the market, as industrial workboats are used in the installation process of floating wind power installations.

“Market Players Employing Advanced Technology in Industrial Workboats”

Workboats are being designed to be as versatile and capable as possible in a single and small container. Market players are providing innovative technology so that they can continue to produce high-quality ships at reasonable prices, allowing them to preserve their market dominance.

As practically every company has good and constant research & development activities on every part of the workboat building process, there is healthy and tough rivalry in the market. Because the workboats market has higher growth potential, there is a lot of competition among leading market competitors.

Country-wise Insights

Will Rising Investments in Maritime Sector in the U.S. Drive Demand for Industrial Workboats?

The U.S. industrial workboats market holds a market share of 90.2% in North America and is poised to expand at 7.2% CAGR over the decade. An increase in large-scale infrastructure investment projects in the maritime sector is expected to drive demand for industrial workboats in the U.S.

High penetration in the United States is due to port operators in the country. Ports serve as important transportation hubs that facilitate goods movement. The larger the year-over-year flow of products and passengers, the more infrastructure, provisioning, and related services are required. These will provide varying degrees of economic and national benefits.

Which Country Leads the European Market for Industrial Workboats?

The Germany industrial workboats market is slated to hold 19.3% of the market share in Europe by 2032.

Germany is the third-largest offshore wind energy-producing country. It is focused on making more areas available for development and enabling the production of hydrogen with offshore wind.

Along with this developing infrastructure, the maritime industry is also growing side by side. The German government is also promoting offshore wind, which will anyhow boost the country’s economy. As such, demand growth for industrial workboats is predicted to be high in the country.

Category-wise Insights

Why is Demand for Transportation Workboats High?

Transportation workboats offer better performance and the segment is expected to progress at a high CAGR of 6.9% over the period (2022-2032). In comparison to other forms of transportation, boats have more carrying capacity, allowing them to transport more items in a single journey, considerably boosting their affordability.

Transportation ships emit fewer pollutants than other modes of transportation. In comparison to other modes of transportation, this makes marine transit more cost-effective and environment-friendly. In comparison to other transportation techniques, water transport sees the fewest accidents when properly set up.

Will the Electric Industrial Workboat Trend Get Bigger?

By 2032, electric industrial workboats are set to account for 11.8% of the global market share.

The combustion of heavy fuel oil in huge diesel engines is the primary source of shipping emissions, which disperses contaminants into the air over coastal areas. Because of environmental concerns, demand for electric and hybrid workboats is steadily increasing.

The marine business is expanding as transportation and port operators expand to travel to offshore oil & gas sites, and the usage of electric workboats is expected to increase across regions.

Competitive Landscape

Key manufacturers of industrial workboats are Damen Shipyards Group, Eastern Shipbuilding Group, Hamilton, Daewoo Shipbuilding & Marine Engineering Co. Ltd, and Samsung Heavy Industries. These companies provide innovation and techniques in workboats so that these ships can be reliable and effective for use.

The global industrial workboats market is highly competitive and fragmented owing to the presence of several local and international manufacturers. Marketing strategies such as new product launches, product upgradations, thorough research & development, mergers & acquisitions, and partnerships & collaborations are being adopted by key players.

New product launching is frequently adopted as a strategic approach by companies to expand their presence in the market and gain a wider consumer base.

For instance :

• In April 2022, Damen Shipyards Group delivered rugged aquaculture workboats to sustainable fish farming company Kames. Kames has taken delivery of the Damen LUV 2208 to improve waterborne operations at its steelhead trout farm.
• In May 2022, Elastec Inc announced the acquisition of Kepner Plastics Fabricators Inc., recognizing the quality of its products.

Fact.MR has provided detailed information about the price points of key manufacturers of industrial workboats positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Key Segments of Industrial Workboats Industry Research

• Industrial Workboats Market by Type :

  • Harbor Maintenance Workboats
  • Surveying Workboats
  • Transportation Workboats
  • Ferries
  • Cargo Workboats

• Industrial Workboats Market by Power Source :

  • Diesel Industrial Workboats
  • Electric Industrial Workboats
  • LNG Industrial Workboats
  • Hybrid / Plug-in Hybrid Industrial Workboats

• Industrial Workboats Market by Application :

  • Offshore Support
  • Port Operation

• Industrial Workboats Market by Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA